Tortoise Energy Independence Fund said on May 9, 2023 that its board of directors declared a regular quarterly dividend of $0.63 per share ($2.52 annualized). Previously, the company paid $0.63 per share.
Shares must be purchased before the ex-div date of May 23, 2023 to qualify for the dividend. Shareholders of record as of May 24, 2023 will receive the payment on May 31, 2023.
At the current share price of $27.77 / share, the stock's dividend yield is 9.07%.
Looking back five years and taking a sample every week, the average dividend yield has been 10.47%, the lowest has been 2.31%, and the highest has been 34.24%. The standard deviation of yields is 6.51 (n=236).
The current dividend yield is 0.21 standard deviations below the historical average.
The company has not increased its dividend in the last three years.
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What is the Fund Sentiment?
There are 33 funds or institutions reporting positions in Tortoise Energy Independence Fund. This is an increase of 1 owner(s) or 3.12% in the last quarter. Average portfolio weight of all funds dedicated to NDP is 0.15%, a decrease of 20.90%. Total shares owned by institutions decreased in the last three months by 20.79% to 864K shares.
What are Other Shareholders Doing?
Thomas J. Herzfeld Advisors holds 191K shares. In it's prior filing, the firm reported owning 178K shares, representing an increase of 6.55%. The firm increased its portfolio allocation in NDP by 5.84% over the last quarter.
Saba Capital Management holds 167K shares. In it's prior filing, the firm reported owning 184K shares, representing a decrease of 10.75%. The firm increased its portfolio allocation in NDP by 11.55% over the last quarter.
Raymond James & Associates holds 142K shares. In it's prior filing, the firm reported owning 158K shares, representing a decrease of 11.08%. The firm decreased its portfolio allocation in NDP by 17.76% over the last quarter.
Aristides Capital holds 70K shares. In it's prior filing, the firm reported owning 77K shares, representing a decrease of 9.87%. The firm decreased its portfolio allocation in NDP by 36.83% over the last quarter.
1607 Capital Partners holds 42K shares. In it's prior filing, the firm reported owning 44K shares, representing a decrease of 5.08%. The firm decreased its portfolio allocation in NDP by 13.13% over the last quarter.
Tortoise Energy Independence Fund Background Information
(This description is provided by the company.)
Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise's solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities.
This story originally appeared on Fintel.